Category «Capital Gains Tax – General questions»

CGT AND GST ON DEVELOPMENT

Question QuestionWould you go ahead and build as planned under the following circumstances?GRAND PLAN: New development proposed on PRIOR PRINCIPAL PLACE OF RESIDENCE purchased as private home in 1998BACKGROUND INFO:As tenants in common owners completed a 4 unit development in 2009 on land purchased for intention of building rental properties. (not the P.P.R)Three of the …

unit development

Question I purchased a property in march 2008 in the name of our discretionary family trust,with the intention to use as a rental property.It was rented for a period of 14 months.At this point in time severe structural termite infestation & water damage was discovered & it was determined the dwelling was to far gone …

Non-resident CGT on sale of Business

Question I am a Singapore Resident for taxation purposes, as per Article 3 Section 2(a)(i) of the Singapore Australia Double Taxation Agreement, as I have a permanent home available to me in Singapore and don’t have a permanent home available to me in Australia.I am the sole Director and Owner of a ‘Singapore PTE LTD’ …

CGT on PPOR if rented

Question My PPOR is avaialble to rent as a holiday house via a real estae agency with a management agreement in place. I am using the 6 yr rule. i want to use the house for 3 weeks and I beleive i won’t be liable for CGT on the personal use portion if it is …

Subdividing rental property and changing names.

Question My husband and I own 3 old rental properties in joint names and want to subdivide one (purchased 2001) and build two new houses to rent out long term. To reduce liability issues and land tax we want to have one property in each name. We are told we can remove one name from …

Tax implication of subdivision of family home

Question We purchased our family home in 1996. The house is on a large block, which we would like to subdivide. My understanding is that if we subdivide the block and sell the land with planning approval, we are not liable for GST and CGT. If, however, after subdividing we build a house on the …

Family Home owned in a Discretionary trust, tax consequences.

Question Hi Bantacs,We have recently purchased our new home that we (me,my wife & 2 daughters)live in on the Gold Coast, in a Discretionary trust with a corporate trustee.I have been told I can get a long dated lease to offset Capital Gains tax on the sale of the home.It works something along the lines …

subdivision implications

Question Hi JuliaI purchased a house on a 1100m2 block of land for 820000 in 5/09, the house is my PPOR, I am planning to subdivide the block which would leave a 400m2 land for development, which I plan to sell, with an approximate value of 600 000, the house valuation stands at 1 300 …

CGT liability for building 2 houses on land previously PPOR

Question In 2001 we purchased a house on a block of land (730m2) which was our PPOR. 4 months ago we demolished the house and are now renting, as we intend to build on one side of the land (taking 12-15 months), live in the new house for 3-6 months and then sell it. At …

Overseas investment sold

Question Several years ago I started a business in Dubai in my own name. I visited Dubai each alternate month.Last year my local partner stole so much money from the business we had to close and I crystallised a loss of about $AUD 400,000In setting up the business I purchased a house to live in …